On January 1 of this year, Victor Corporation sold bonds with a face value of $1,420,000 and a coupon rate of 8 percent.The bonds mature in four years and pay interest semiannually every June 30 and December 31. Victor uses the straight-line amortization method and also uses a premium account. Assume an annual market rate of interest of 6 percent. (FV of $1,PV of $1,FVA of $1, andPVA of $1)(Use the appropriate factor(s) from the tables provided. Round your final answer to whole dollars.)

Required:

1.Prepare the journal entry to record the issuance of the bonds.(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)